Dublin, Oct. 19, 2023 (GLOBE NEWSWIRE) — The “Online Home Decor – Global Strategic Business Report” report has been added to ResearchAndMarkets.com’s offering.
The global online home decor market is poised for remarkable growth, expected to reach a substantial $612.5 billion by 2030, according to a recent market research report. Titled “Global Online Home Decor Market,” this comprehensive report provides deep insights into the dynamic landscape of the online home decor industry.
Key Insights:
The global market for online home decor is predicted to grow at a CAGR of 23.1%, starting from an estimated $116.5 billion in 2022.
The report delves into various segments of the industry, with online home furnishing expected to achieve a robust CAGR of 21.2%, reaching a value of $565 billion by the end of the forecast period.
Geographic markets analyzed in the report include the U.S., China, Japan, Canada, and Germany, with each region showing substantial growth rates. For instance, China, the world’s second-largest economy, is projected to reach a market size of $102.6 billion by 2030, driven by a CAGR of 22%.
A detailed competitive analysis showcases leading companies in the sector, such as Amazon.com Inc. and Bed Bath & Beyond Inc., among others, offering valuable insights for business strategies.
The report includes a year-long complimentary update service, ensuring that businesses stay informed about significant changes in the industry.
This comprehensive report on the global online home decor market is an essential resource for industry stakeholders, offering valuable insights that can drive informed decisions and strategic positioning.
Market Scope
These tables offer a comprehensive analysis of the online home decor market, covering the years 2020 through 2027 and providing a historical review from 2012 through 2019. They focus on different geographic regions, including the USA, Canada, Japan, China, Europe, Asia-Pacific, and the Rest of the World. The data includes annual sales figures in US$ million and the Compound Annual Growth Rate (CAGR) percentages for various segments, such as Online Home Furniture, Online Home Furnishing, and Other Segments. Furthermore, these tables provide a 15-year perspective on the online home decor market, offering insights into the percentage breakdown of value sales for the specified regions. Overall, these tables enable a detailed examination of the past, present, and future trends within the online home decor industry.
Market Overview
Influencer Market Insights
World Market Trajectories
Online Home Decor – Global Key Competitors Percentage Market Share in 2022 (E)
Competitive Market Presence – Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)
Impact of Covid-19 and a Looming Global Recession
Select Competitors (Total 14 Featured) –
Amazon.com, Inc.
Ashley Furniture Industries, Inc.
Bed Bath & Beyond, Inc.
Cabela’s Inc.
Carrefour Group
Costco Wholesale Corporation
Herman Miller Furniture (India) Pvt. Ltd.
Home24 SE
Inter IKEA Systems BV
jcp Media Inc.
Otto (GmbH & Co KG)
Sears Brands LLC
Target Brands, Inc.
Tesco PLC
Wal-Mart Stores, Inc.
Wayfair LLC
What’s New for 2023?
Special coverage on Russia-Ukraine war; global inflation; easing of zero-Covid policy in China and its `bumpy` reopening; supply chain disruptions, global trade tensions; and risk of recession.
Global competitiveness and key competitor percentage market shares
Market presence across multiple geographies – Strong/Active/Niche/Trivial
For more information about this report visit https://www.researchandmarkets.com/r/hedqq7
About ResearchAndMarkets.com ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Citi has sent out targeted spending bonuses on the Citi Sears card:
10% back in statement credits on total eligible gas station, grocery store and restaurant purchases of $100 or more made each month (up to a maximum total of $30 in statement credit(s) each month) using your Shop Your Way Mastercard from 10/1/2023 (or the date you activate this offer, whichever is later) through 12/31/2023
Our Verdict
These offers are why this card is listed as the #1 store card. Can’t be stacked with the recent online offer unfortunately.
Just days after Houston was named the 4th best city in the United States for women in technology by SmartAsset, Parkway Property Investments lands more technology tenants at fabulous Greenway Plaza. The Houston Chronicle reported AI leader ThoughtTrace, the engineering company DMC, IoT provider Detechtion Technologies, and seven other major technology leaders as tenants. Despite being shunned by Amazon, the Texas energy town could emerge as a glowing tech hub.
Greenway Plaza is a 52-acre master-planned, mixed-use development of 11 buildings and almost 5 million square feet of office space in the center of Houston business. The development includes on- site amenities like fine dining, an underground food court with over 16 options, multiple fitness facilities, three full service banking centers, and unlimited conferencing facilities. The center also has full-service automotive care, commercial printing and graphics services, and a long list of other amenities for tenants and their clients.
Rounding out the list of new tenants were Nuveen Real Estate, Goldman Sachs Asset Management Private Real Estate, Liberty Lift Solution, Texas Installs, NAI Partners’ Investment Fund, TriArc Properties, and SLI Group.
Meanwhile, Houston as a tech professional magnet is not only reflected in the migration of technology firms moving to the city center. The SmartAsset study mentioned above showed that Houston’s tech pay makes the city a standout for men and women. For female tech workers, the usual disparity in pay between men and women is almost non-existent. With a ratio of 99 percent, Houston’s wage gap when it comes to tech jobs ranked the city No. 3 for the smallest wage gap among major U.S. cities.
A long-time energy hub, Houston, is in the process of transitioning to become more of a tech hub through an Innovation Corridor anchored by physical structures being rebooted to push the city forward. Some of the properties being reworked are the 1939 Sears department store at 4201 Main, the former Exxon Mobil building at 800 Bell; and the former KBR complex at the East End.
Even though the city was recently shunned by a “no vote” for Amazon’s HQ2, the city is seeing healthy growth in this sector. The news that digital payments leader Bill.com is moving to the Westchase area of Houston illustrates this too. In addition, the coming Green New Deal from Rep. Alexandria Ocasio-Cortez and Sen. Ed Markey may just be a cloud with a silver lining for Houston of the energy sector can rethink renewable. Whether it’s the “Trump” energy first way or the opposing “Green Deal” – Houston planners only have to tool up for “next.”
Evidence of such forward thinking comes in the form of a report by Robert Vaughn, the Houston metro market manager for Robert Half Technology and The Creative Group. According to Vaughn, Houston actually leads the U.S. in tech job hiring plans for 2019. And despite the fact that Austin is currently a more attractive tech startup hub, Houston has huge advantages thanks to its population and age distribution- With the right incentives by city decision makers, the city could take off to match New York as in the next couple of years. And this, of course, would be a shot in the arm for every Houston real estate metric. Stay tuned, we’ll do more in-depth coverage soon.
Phil Butler is a former engineer, contractor, and telecommunications professional who is editor of several influential online media outlets including part owner of Pamil Visions with wife Mihaela. Phil began his digital ramblings via several of the world’s most noted tech blogs, at the advent of blogging as a form of journalistic license. Phil is currently top interviewer, and journalist at Realty Biz News.
Former President Donald Trump has not made his real estate great again.
Trump has dominated the headlines recently, as he announced his intention to run for office again and then became the first former commander in chief to face criminal charges. But the polarizing politician and reality TV star is first, and perhaps foremost, a real estate mogul. And the past few years have not been kind to his sprawling residential real estate portfolio.
While home prices across America generally rose quickly during the “pandemic pump” housing market, sale prices at the properties listed on the Trump Organization’s website have either declined or appreciated at a slower pace than the local markets they’re in.
To be sure, the COVID-19-era real estate market will be one for the history books, defined initially by ultracheap mortgages, the liberation of newly mobile Americans who could pursue “remote work” away from their abandoned offices, and a continued housing shortage that all pushed home prices up in dramatic ways. The price gains have begun to correct in some areas, but in large part, historically high prices appear to have stuck.
But Trump’s real estate brand hasn’t benefited as much from the favorable housing market. Price appreciation for condos in properties listed on the Trump Organization’s website has been lower both in the luxury real estate and overall housing markets.
For example, the median condominium sale price in the U.S. rose 38% between 2019 and 2022, according to CoreLogic data. But over the same period, the median sale price at Trump Organization properties declined 14%. (The properties Realtor.com® analyzed were all condos.)
And while the price changes varied around the country, his condos didn’t outperform any of the local markets where they’re located.
Some local experts believe the price declines are related to the former president’s controversial politics, especially since most of his properties are in Democratic-leaning areas. Since he ran for office, his name has been pulled off some of his prime real estate holdings in major cities.
“A lot of people have said the buildings are great,” says Dan Neiditch, the president of River 2 River Realty in New York. “But when they have the Trump name on the buildings, it’s all about branding. And when that’s the case, you live and die by your brand, by your name.”
Trump was recently charged with 34 felony counts related to hush money payments made to an adult film star, is under investigation for election interference in Georgia, and is facing multiple lawsuits. That could also affect his real estate holdings, especially in places where the former president isn’t popular.
To come up with our findings, we pulled home sale records from CoreLogic, a real estate transaction data provider, for properties listed on the Trump Organization’s website. Then we compared them with condo sale prices for the counties where those properties are located. Because the CoreLogic data is not perfect, we also excluded transactions that appear to have erroneously high and low transaction amounts recorded (likely data entry mistakes).
While all of the Trump Organization’s condo projects were included in the national numbers, Trump real estate markets with fewer residential units (including Connecticut, Hawaii, and Westchester, NY) are not detailed in the pull-out sections below.
We used 2019—the year before pandemic fluctuations roiled U.S. housing—as a starting point/benchmark for our calculations.
Note: It’s unclear if every property listed on the Trump Organization’s website is owned by the organization. The Trump Organization is a privately held corporation, so it isn’t required to disclose the specifics of its real estate holdings to the public. And even though the Trump name might prominently grace a building, it doesn’t mean that the organization owns the property. The former president licenses his name for a host of different things, including real estate and consumer products.
The Trump Organization did not respond to a request for comment.
For decades, Donald Trump made a name for himself as a New York City real estate celebrity and tabloid fixture. The Big Apple was his launching pad, where the Trump Organization began developing residential properties in the early 1980s. And it’s still where his company has the most buildings.
He announced his first run for the presidency, in 2015, in his iconic Trump Tower on 5th Avenue, where he rode down a golden escalator.
But in the past few years, the organization’s Manhattan properties have fallen behind the competitive Manhattan condo market.
In 2022, the median sale price for all of the organization’s New York City properties combined was about $1.75 million. Within the past 10 years, that figure hit a high point in 2015, at $2.3 million, and a low in 2020, at around $1.4 million.
Since just before the COVID-19 pandemic, the Trump Organization’s prices are down about 16%—far behind the roughly 11% price growth for all condos in Manhattan over the same period.
The list of Manhattan buildings listed on the organization’s website includes the Trump Tower, in Midtown, and Trump Parc, on the southern edge of Central Park. On the Upper West Side, the organization has six buildings that make up Trump Place, situated along the Hudson River. Three are apartment buildings, which were not included in this analysis, and three are condominium buildings. Residents voted to remove the Trump name from the buildings in 2019. There is also Trump International Hotel & Tower, on Central Park West. In Midtown East, the organization owns Trump World Tower, looking onto the East River, just across the street from the United Nations headquarters. And on the Upper East Side, the organization owns Trump Park Avenue, Trump Palace, and 610 Park Avenue.
Despite the successful efforts to remove the Trump branding from several of his New York properties, much of the Trump residential real estate is still highly valued among certain buyers.
According to luxury real estate broker Dolly Lenz, the properties themselves and their management are second to none.
“The management of the properties—whether it’s Trump Tower, Trump International, Trump World Tower—are some of the best-run buildings in New York,” she says. “They choose the best doormen, the best concierges, so the service is top quality.”
But many of the Trump Organization’s properties are older and have trouble competing with the newer buildings, which offer more modern designs, layouts, and amenities. Trump Tower opened in 1983—40 years ago.
For some local experts, it’s politics that have caused the lagging prices.
“New York and New Jersey are majority-Democrat states. I believe the prices of Trump’s properties take a hit just because of the politics of the people in the area,” says Neiditch, of River 2 River Realty. “We’ve had people who lived there, who said, ‘Hey, we want to sell. We don’t want to live in a building where that name’s on the outside.’”
Access to Trump Tower, which was more restricted during Trump’s presidency due to heightened security and Secret Service activity, also likely affected the value of the units in the bellwether building, says one real estate expert, who asked not to be named.
Fed up with the backlash against him and his politics, Trump officially left New York. Since 2019, the former president has called the purple state of Florida home. He now resides in his oceanside Mar-a-Lago resort in Palm Beach.
The Trump Organization has residential properties in and around Miami, including Trump Grande, Trump Tower Sunny Isles, and Trump Hollywood.
The Trump-branded properties in Florida’s Miami-Dade and Broward Counties appreciated by about 15% between 2019 and 2022, after first dipping in 2020, the biggest price gains of any location analyzed.
But prices shot up much higher in Florida during the pandemic as the Sunshine State saw an influx of companies and new residents. In the Miami-Dade and Broward markets where Trump properties are located, the median condo sale price has increased by more than 50%, going from just under $200,000 in 2019 to just above $300,000 in 2022.
And for the luxury condo segment in the same area (the upper 10% of sales by price), which is closer to the price range of the organization’s properties, prices grew by more than 60% over the same period.
Trump International Hotel & Tower’s opening in Las Vegas in 2008 marked the organization’s first expansion into the western U.S. But condo sale prices in the building have substantially lagged behind overall Las Vegas condo price appreciation.
The median sale price at Trump International Hotel & Tower took a significant hit in 2020, dropping from $305,000 to $214,500. Since then, the prices rose but were still down about 8% below pre-pandemic prices.
Meanwhile, in Clark County, which includes Las Vegas and the surrounding cities, the median condo sale price rose by more than 50% from 2019 to 2022.
June Stark, a real estate agent and broker at The Stark Team–Elite Realty, in Las Vegas, blamed pandemic restrictions as one of the reasons that Trump property prices dropped. Reduced tourism affected the building, which is a combined hotel and condo tower.
“The building itself is beautiful, probably the best-maintained hotel and condo tower in the city,” Stark says, noting that she was among the first agents to sell the residences.
Trump International Hotel & Tower in Chicago looms large in the city, with its height, distinctive style, and prime location, but the sale prices have taken a dive.
At 98 stories and reaching 1,388 feet, it’s the seventh-tallest building in the nation and second in Chicago (behind the Willis Tower, formerly known as the Sears Tower). The building’s off-centered, tapering spire is hard to mistake, but it’s the 20-foot-tall and 141-foot-wide “TRUMP” sign on the building on the northern bank of the Chicago River that informs anyone who passes by who owns the building.
But while the building’s prominence is unquestionable, the median sale price for residences there dropped by almost half in 2020 alone—going from just below $1.5 million the year before to $750,000. Since then, prices have come back some, but at $1 million in 2022, the median sale price is still down more than 30% compared with before the pandemic.
During the same three-year period, 2019–22, the median condo sale price in Cook County, which includes most of the Chicago area, rose about 12%. But for additional context, condos priced closer to Trump International Hotel & Tower in Chicago, those within the top 10% of sales by price for Cook County, also saw a big drop in prices in 2020, and an overall price decline greater than the Trump Organization’s building.
Across the Hudson River from the Trump Organization’s Manhattan properties is 88 Morgan Street Condominiums, formerly known as Trump Plaza Residences, in downtown Jersey City. The 55-story building, developed by the organization in the late 1980s, provides a sweeping view of the Manhattan skyline and the Upper Bay.
But 88 Morgan Street has not seen the same price gains as condos nearby. The median condo price in Hudson County, NJ, which includes everything from Bayonne to North Bergen and from the Hudson River across the Hackensack River to Kearny and Harrison to the west, saw modest appreciation during the pandemic, rising by about 14% from 2019 to 2022.
In Jersey City, condo sale prices at 88 Morgan Street rose only 4%.
“I know in those buildings in New Jersey, there have been fights about taking his name off,” says Neiditch, of River 2 River Realty, “but that’s been going on since back in 2016.”
Join a group of industry experts in real estate and lending for engaging panel discussions designed to empower real estate agents! During this session, you will learn how to identify and target underserved markets to grow your business! We will also be featuring wealth management products and Union member benefit programs available through Wells Fargo and you will gain insights on building personal wealth beyond real estate!
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Leveraging Higher Interest Rates: An Investment in Your Future
hosted by Chris Sears, President of JPAR® – Real Estate, Texas
Join Chris Sears in an informative session explaining the correlation between higher interest rates and the potential for accelerated equity growth when moving to a higher-priced home. While it may seem counterintuitive to invest more in monthly payments, the session will delve into the compelling benefits of such a strategy.
Unique Home Lending Capabilities and Wealth-Building Opportunities
hosted by Valeria Esparza-Chavez, Vice President, Head of Home Lending Hispanic and Asian Segments, Wells Fargo; and, Lauri Smith, Senior Lead Business Growth Strategy Consultant, Wealth & Investment Management, Wells Fargo
Join Valeria Esparza-Chavez, Vice President, Head of Home Lending Hispanic Segments for Wells Fargo, in an empowering session focused on unique home lending capabilities and wealth-building opportunities. Discover how Wells Fargo serves union members with exclusive programs and benefits and explore other affordable and affluent lending options. Lauri Smith, from the wealth and investment management team, will also provide insights on expanding your business and building personal wealth beyond real estate. Don’t miss this comprehensive session that combines real estate expertise and financial strategies for a brighter future.
Empowering Real Estate Agents: Building Wealth, Client Education, and Community Impact
Moderator: Erica Starkey, Broker, JPAR Iron Horse
Panelists:
Voltaire Lepe, CEO and Founder of Lepe Tendwell Properties
Mily Patton, award-winning real estate agent with JPAR Real Estate
Kiona Simon, Real Estate Consultant/Investor at Samson Properties
Join industry experts Voltaire Lepe, Mily Patton, and Kiona Simon in this engaging panel discussion designed to empower real estate agents. During this session, Erica will uncover strategies for giving back to the community while increasing sales through client education, supporting military families, and building wealth with real estate investments.
This event is FREE and open to all real estate agents across the US, so feel free to share!
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Find topics in marketing, technology, and social media for realtors, and housing market resources for homeowners. Be sure to subscribe to Digital Age of Real Estate.
Citi has sent out new Citi Sears targeted spending bonuses:
10% back in statement credits on total eligible gas station, grocery store and restaurant purchases of $700 or more made each month (up to a maximum total of $80 in statement credit(s) each month) using your Shop Your Way Mastercard from 7/1/2023 (or the date you activate this offer, whichever is later) through 9/30/2023
Our Verdict
Another great offer on the Citi Sears card. This is why this is listed as the #1 store card.
Suzanne Cotton is a collector at heart and has been since childhood. As a custom dress designer and chair of the Columbus College of Art & Design Fashion Department, Cotton’s eye for style is impeccable. She’s a regular at antique shows and tag sales, and takes annual road trips to Vermont to visit antique shops along the way. Her Facebook Marketplace searches are endless, and she’s a top contributor to the Facebook Maximalist Design and Décor group.
Her collections are varied, ranging from travel hankies and tea towels to punk rock memorabilia, vintage buttons and fezzes. So when she stepped inside her 1963 1,800-square-foot Westgate house for the first time, she knew she had found the venue to showcase her lifelong curations of beloved belongings.
westgateneighbors.org
Cotton was looking for a new place to call home after 14 years in a Hidden Lake condo at the Quarry, which she shared with her late husband. “I’d driven through [Westgate] a few times, liked the homes, and the price was right,” Cotton says. “I really wanted a house that I could make my own, put work into, and get everything fixed up just the way I wanted it. The affordability of the neighborhood made that very doable for me.”
One of the neighborhood events is the Westgate Home and Garden Tour, which will feature Cotton’s home as one of its seven stops on Saturday, June 10. Committee member Kate Futty, who has lived in Westgate for close to 30 years, adores Cotton’s home. “When I’m in there, it feels like I’m in a genie’s bottle. A lot of people try to do midcentury modern, but they’re missing the mark. Suzanne is hitting the nail on the head.” And Futty admires Cotton’s skill in incorporating her collections into her design. “She just knew that this was her style. What she wanted to fill her childhood bedroom with has blossomed to her entire house,” Futty says.
Before moving into her home in August 2018, Cotton completed a five-month, DIY remodel. Making the place her own was no small feat, as every room had wallpaper and she changed the flooring in the majority of the house.
The kitchen required the most work, with a wall removal, doubling of countertop space, removal of a second entrance to a restroom, and the addition of a bar and floating shelves. For the kitchen, she worked with Justin Collamore from Collamore Built. But she remained in charge of the project, selecting the lights, quartz countertops and matching backsplash, and even the perfect kitchen door handles from Etsy. Collamore helped her source her Wellborn cabinets, and they worked on the layout together.
“She was more involved than most [clients] because she had a specific vision for what she wanted. Because she’s in the design profession, it was fun to work with her because we speak the same design language. She was able to make some choices that others may shy away from without that vision,” Collamore says.
Cotton’s style can be best described as maximalist, with attention to detail and a love for colors that pop. Space is important to her. “I love to be able to see all four corners of a room,” she says. “I like to see under my furniture.” The living room, with its granite fireplace, was the starting point for her remodel. She used that and a set of green chairs to inspire a cohesive color palette that works throughout her home, with shades of blues, greens and turquoises taking center stage. Downstairs, she opted for a navy palette that gives the area a more intimate and relaxed feel.
Cotton’s midcentury swung glass collection is the visual focal point of the living room (and perhaps the entire home). The collection—composed mostly of Viking, Smith and Empoli—envelops the fireplace, bringing the room to life. Cotton prefers the multicolor, clear glass that was sold in midrange department stores like Sears during the 1960s and ’70s, but also values her Italian Empoli pieces. Her love for this type of glass began in her teenage years and only has grown stronger over time. She continues to search out pieces in thrift shops and antique shows.
“I don’t mind [having] a lot of something,” Cotton says. “Like the glass. I love the fact that it’s a ton of glass.” As such, the living room is her favorite in the house.
Seeing her items displayed throughout her home has reenergized Cotton’s passion for collecting. “It’s made me start collecting stuff again. For years, I didn’t. But I really enjoy it now. I love being surrounded by things I love. It just has to be done in a way that’s thoughtful. I don’t just buy anything. If I see something, I really think about it: Will it fit? Is there a space for it? Will it add to my collection?”
This story is from the June 2023 issue of Columbus Monthly.
Growing up in Orange County in the late 1970s, KL DeHart often wandered the Westminster Mall with her mother, checking out the latest fashions and seeing what movies were playing.
As a teenager, she spent many weekends there with friends playing pinball and skeeball at the arcade and shopping for trendy Chemin De Fer jeans.
Now, the mall is pocked with empty storefronts. At the remaining businesses, employees eagerly jump to help the few customers passing through.
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What may rise in its place, if developers and city officials have their way, is a new kind of mall, one that will include lawns, walking trails and thousands of apartments.
“It was the hip place to be, and it’s really faded out, but it’s just sad to see it go,” said DeHart, a 55-year-old massage therapist who still lives near the mall, in the house she grew up in. She is among the residents worried that the new apartments will increase traffic while doing little to solve the region’s affordable housing crisis.
In Orange County, the San Fernando Valley and suburbs throughout America, the mall was a gathering spot where there were few other places to hang out. It was where kids stocked up on the latest fashions and roamed in packs after school, spawning the term “mall rat.”
The 1980s cult classic “Fast Times at Ridgemont High” began and ended at the mall where the teens worked. In the 1995 film “Clueless,” a Beverly Hills teen retreated to the mall, which she described as a “sanctuary,” after failing to persuade a teacher to boost her grade.
Now, teenagers text with their friends and make TikTok videos. Their parents are more likely to shop online than at a brick-and-mortar store.
At the same time, Orange County is desperate for housing, with rents and home prices escalating and state laws requiring cities to zone for new construction. In a region where there is little undeveloped land and neighbors are likely to push back at new housing, some see declining malls as ideal places to build.
The Westminster Mall is “probably one of the largest areas of developable space that still exists in our time in this area,” City Manager Christine Cordon told the City Council during a meeting last November.
Cordon remembers taking the bus to the mall decades ago to pick out CDs at Best Buy.
“You’re too young as a teenager to hang out in an actual nightclub, so back in the day, where would you go? The mall,” said Karen North, a USC professor who specializes in social media and psychology.
“It became this default place to go because it had something for everybody. You never knew who you were going to bump into, but you were always guaranteed there was something going on and there would be people around.”
As envisioned in a plan adopted by the City Council last year, the new mall would contain at least 600,000 square feet of retail space. It would include up to 3,000 residential units and up to 425 hotel rooms, surrounded by a park with 17 acres of green space.
Teenagers could still hang out there — it just wouldn’t be the echoey indoor turf that Alicia Silverstone claimed in “Clueless.”
Orange County is catching on to a trend that has already taken hold farther north in the Los Angeles area, led by developer Rick Caruso with his Americana at Brand and Palisades Village malls and residences.
“This is really our opportunity to create something that we can be absolutely proud of for the next generation to create those same fond memories that I have and that others have in a fashion that is consistent with what the times are now,” Cordon said.
Bill Shopoff said his company, which purchased the Macy’s store and the former Sears store in the Westminster Mall last year, hopes to draw people back with shops, a hotel, townhouses and apartments.
Upscale malls like South Coast Plaza are thriving because “they have entertainment, food, there’s a reason to go there,” said Shopoff, president and CEO of Shopoff Realty Investments. “I think we need to do that in Westminster to create a sense of something.”
As for who will rent or purchase the homes in his preliminary plan, Shopoff is counting on a modern type of suburban dweller — one who would rather walk to restaurants and other amenities than live in a single-family home with a yard.
Experts say that new laws, along with increased pressure from the state to build more homes, have convinced some local officials who might have been resistant to rezoning commercial properties in the past.
Roughly every eight years, California cities are assigned a certain number of new housing units they’re required to zone for. As part of the 2020 assessment, Orange County needs to make space for about 183,000 new units, shared among all its cities.
Last year, Gov. Gavin Newsom signed two pieces of legislation aimed at spurring housing development in corridors otherwise zoned for large retail and office buildings.
“Whether you want to call Orange County urban suburbia or suburban urbanism, it’s definitely shifting,” said Elizabeth Hansburg, co-founder and executive director of People for Housing Orange County. “We have an interesting mix of historic districts and tract housing of the ’40s, ’50s, ’60s and even the ’70s, but I don’t see us building like that again. It’s going to be interesting to see how families evolve in denser spaces.”
Elsewhere in Orange County, similar mall conversions are at various stages.
In Santa Ana, a 309-unit apartment complex is under construction on the parking lot of the Mainplace Mall, part of a larger project that will include more apartments, restaurants, courtyards and a music venue.
Simon Property Group has said it is open to adding residential zoning to its mall in Mission Viejo. In Brea, the company has proposed redeveloping 15.5 acres of the mall to include shops, a resort-style fitness center, apartments and a large central green space.
A proposal to redevelop the Village at Orange mall to include housing along with retail has run into stiff opposition. Residents are voicing concerns about tall residential buildings looming above nearby single-family homes.
In Westminster, DeHart said that she and her neighbors who live in tract homes adjacent to the malls are not “NIMBYs” — an acronym for “Not In My Backyard.”
“That’s not what this is,” she said. “We’re asking legitimate questions, and we’re not getting answers.”
In Laguna Hills, the mall is being repurposed along the lines of Caruso’s Los Angeles-area developments, with up to 1,500 apartments, an upscale hotel, commercial office space and 250,000 square feet of stores surrounding a large green space.
On a recent day, a chain-link fence wrapped with a blue tarp surrounded the partly demolished main building, with the “Laguna Hills Mall” lettering barely legible.
A sign affixed to the fence featured a rendering of the new homes, asserting that “a brighter future is coming soon.”
Residents have voiced concerns similar to those of DeHart and her neighbors — traffic, overcrowding. But Laguna Hills Mayor Janine Heft said a change is needed.
“There’s a lot of nostalgia for what the mall used to be,” Heft said. “What we didn’t want was a blight, and that’s really what we had. We had this mall that hadn’t been kept up in years.”
On a recent afternoon, most of the sprawling Westminster Mall was deserted. The only activity was at an indoor playground near JCPenney.
Corrie Essex watched her 5-month-old son playing on a blanket as rain pounded on the glass ceiling.
She grew up in the San Fernando Valley and recalls listing the Northridge Mall as one of her favorite places in an elementary school assignment. Her mother took her and her siblings there to get burgers and go to the movies — a relatively inexpensive way to keep four kids occupied.
“We’d go all the time,” said Essex, 30, who now lives in Huntington Beach. “It was fun. Now, I hate the mall. It’s just not the same. Nothing’s beautiful anymore.”
But on a rainy day like this one, it was a good place to take her son. And, noted her sister, 27-year-old Jessie Lane, there’s little danger of spending money — “it doesn’t have any bougie stores that we would want to buy anything from.”
Their mother, 57-year-old Rachel Lane, said she likes the idea of adding housing to malls.
But with the new outdoor designs, she wondered, “Where are we going to go when it rains?”
When I was a freshman in college, I did two very bad things (ahem — two bad things related to personal finance).
Bad Thing #1
First, I opened a VISA credit card. There was a guy at a booth on campus, and being too naive and timid to tell him to buzz off, I stopped and listened to his pitch. Next thing I knew I was filling out an application. At 18 years old, with no job, steady income, or credit history, I now had a $1,000 credit line. I maxed it out in less than three months and was shocked when the bill arrived.
Luckily, I was about to start a part-time job, so I was comforted in knowing I could handle this predicament myself. I paid down the balance — but then charged it up again. This cycle went on for years. I always paid more than the minimum, but never fully paid off the debt.
Bad Thing #2
The second very bad thing I did was open a store credit card with a major retailer. I was about to pay for my purchase (with the aforementioned VISA, of course), and the salesperson told me I could save money and receive special offers and free items just for signing up for a card. I demurred, but she was persistent. “You can pay it off as soon as you get home and still get the coupons and discounts,” she said. “That’s what I do.”
Unfortunately, it didn’t work out that way for me. I forgot I’d opened the card, somehow missed the first bill, and then was late with my payment. I was almost three months delinquent before I paid off the card, and I got a mark on my credit report, all for a small balance I could have easily covered with money in my bank account.
The Cost of Store Credit Cards
Cashiers are often required to ask customers to sign up for store credit, and some stores require them to meet a quota for new card sign-ups. But these days, I politely tell the cashier, “I don’t carry store credit cards.” If they persist, I repeat myself. “Don’t you want to save 10%?” No thank you, I’d rather not.
A recent study from New York Representative Anthony Weiner’s office provides even more reason to avoid store branded cards. The study found that 35 major New York City stores had an average interest rate of 23.83% on store cards (the national average APR for a regular credit card is 14.78%). Which stores offered the worst rates?
Radio Shack was the highest with a 28.99% APR.
Best Buy and Staples both charge 27.99% interest rates.
Home Depot charged 25.99%.
Sears came in at a hefty 25.24%.
In addition, the report found that store cards use a series of “teaser” deals to entice shoppers to take the bait, such as offering 0% interest, but neglecting to mention you have pay off the balance within a certain time period or else the interest rate is applied retroactively on the initial purchase price.
How I Got Suckered into Opening a Store Credit Card
Well, despite knowing all this, here’s the story of how I got suckered into opening a store credit card and what I learned from it.
It was the best of experiences, it was the worst of experiences… Last week, I ventured into Neiman Marcus for the first time. It was the only in-person store that carried the Stuff I wanted, so I drove out of my way to go there. The salesperson who helped me was probably one of the best I’ve ever encountered. She knew I wasn’t spending much — about $60 — but she spent a considerable about of time helping me. She was friendly, extremely knowledgeable, and showed me other products she thought I’d like without pushing me to buy more. Instead, she offered to send me home with samples of her additional recommendations. As she put everything into a bag, the second salesperson helped to start the check-out process, which went something like this:
Salesperson #2: Do you want to put this on your Neiman’s charge card?
Me: No, I don’t carry store credit cards. (I hand her my MasterCard.)
Salesperson #2: We don’t take MasterCard, but it takes just a few minutes to open a store account.
Me: No thanks, I don’t open store cards. Can I put it on a Visa debit card?
Salesperson #2: We don’t take Visa, either.
Me: If you don’t take Visa or MasterCard, what do you take?
Salesperson #2: We take the Neiman’s card, American Express, cash, and checks.
I didn’t have enough cash on me, I don’t carry checks, and I don’t have an American Express card. The first salesperson seemed too uncomfortable to push me into opening an account, so salesperson #2 continued with the pitch, telling me most of what I knew already — that I won’t have to pay interest if I pay my balance each month and that the card comes with all kinds of “fabulous” rewards. She also told me that Neiman’s will never sell my personal information (this, of course, turns out to be false).
The Lowdown on Neiman’s
I found out later that Neiman’s does take Visa and MasterCard, but only for online purchases. It’s even willing to temporarily relax its rules during Super Bowl XLV “to make it easier for customers visiting from out of town…or from cities that don’t have a Neiman Marcus store.” Gee, how thoughtful!
According to Slate, the private-label credit card corner was one one of the most desired parts of the business when it sold during a 2005 auction (HSBC purchased the credit card portfolio in mid-2005 for $640 million.) At the time, there were 562,000 active users paying 15% APR — generating about $550 million in receivables for the company.
I knew store credit was big business, but I’d never encountered a store that doesn’t accept major credit cards to push customers into opening a store credit line.
Under Pressure
Back to my in-store experience: I was feeling cornered and conned. My first thought was to walk away. Now that I knew exactly what I needed, I could purchase the item from another retailer online.
But here’s the thing: I wouldn’t know what to buy if it hadn’t been for salesperson #1, the person who spent a lot of time helping me even though she knew I wasn’t spending much money. She more than earned her commission, and I felt bad about walking out. There weren’t any ATMs nearby, and I had an appointment in about 15 minutes. I was feeling pressured. On the other hand, I was mad and felt as though I’d walked into a trap.
I caved, and I opened the account to make the purchase. But I’m calling Neiman Marcus to pay the balance and cancel the card.
I know Neiman’s won’t miss my business — I’m hardly their target customer. For example, one of the benefits of “Circle Two” membership (for the busiest of Neiman’s charge card users) is fur storage, which made me giggle. I’m the kind of gal who worries that someone might mistake her faux fur coat for the real thing. The cover of the InCircle member brochure asks, “Are you a member of the in crowd?” Uh, no. Not usually.
Lessons Learned
In retrospect (and sarcasm aside), there were better ways to handle the situation that would have given the salesperson credit for the sale and would have avoided me opening a store card I absolutely do not want.
When I told my husband what had happened, he had the perfect solution: “You could’ve asked the salesperson for her name and told her you’d come back to pay in cash.”
Yes, that is exactly what I should have done. But when I was in the situation, I wasn’t thinking clearly. I felt pressured, irritated, and that I had to make a choice right then and there, when I really didn’t.
(Also, I was reminded that I should carry at least one paper check with me. I used to do this, but fell out of the habit because it was so rare that I ever needed one. Now I’ve tucked one into my wallet again to have one more payment option.)
I never, ever thought I’d open a store card. I’m disappointed that I let it happen, but at least I can amend the situation. I certainly now understand, from firsthand experience, how tricky retailers can be when it comes to pressuring consumers into opening store credit cards.
Are All Store Credit Cards Bad?
The mark on my credit report is long gone, but it was a sobering lesson about the dangers of credit, especially for someone with little personal finance education (or income). When I graduated from high school, I could easily find the limit of a function as x approaches a constant, yet I didn’t know about compound interest. My personal finance education began years later when I started lurking here at GRS.
I haven’t carried a credit card balance in years, and I consider myself a reformed and responsible consumer. I’m also not completely opposed to store credit. If I were remodeling a house, for example, maybe I’d consider a Home Depot card for the initial discount. Then I’d cut up the card and pay the balance immediately (as in the minute I got home) with cash I’d saved in a “home remodel” savings account.
I realize most GRS readers are savvy with their credit, but as stores ramp up their high-pressure holiday pitches, it’s important to be on guard. By and large, these cards aren’t worth the hassle or the risk. Credit is serious business, not something to sign up for on the spur of the moment without reading the fine print.